Welcome to Franchising 101 with Anna.
In honor of back-to-school time, let’s do a quick and fun review of the fundamentals of franchises. How would you grade the following statements … true or false?
- I can be creative in a franchise business.
- I need to be passionate about the product or service my business sells.
- I will know which franchise is best for me when I see it.
- I won’t have any independence with a franchise.
- I can have a full-time job and own a franchise on the side.
Franchise answer key:
- True! Smart franchisors take suggestions from franchisees since great ideas often come from the people on the front lines. That’s how McDonald’s® got the Egg McMuffin® – a creative franchisee thinking outside the box or as Taco Bell® likes to say, “By thinking outside the bun!”
- False! Yes – FALSE! Passion does fuel success yet be careful about where your passion rests. Successful franchisees are passionate about having flexibility, being in control of their future, and achieving financial freedom. A winning franchise is one that utilizes your skills and talents. You can love golf but if you can’t manage people or sell club memberships, your dreams remain dreams.
- False! First, people don’t know what they don’t know about franchises. What appears to be a great deal may be a terrible nightmare if you don’t know what you are doing. Second, preconceived notions trip people up ALL THE TIME. Quite frequently, they blind people to great opportunities or lead them straight to insatiable money pits.
- False! You don’t have a boss telling you what to do: you are the boss! You decide your own personal hours and days off, you decide who to hire, who to fire, you set your own business and financial goals and so on. You are in business for yourself but not by yourself.
- True! While most franchises require the owner to be actively involved in the business on a daily basis, semi-absentee franchises do not. That business model involves hiring a strong manager and holding that person accountable.
How did you do?
What surprised you the most? To discuss your results or to explore franchising a bit more with me, simply reply to this email. We’ll chat casually over the phone and learn from each other. Like all teachers, I learn the most from you, my “students.” I’d love to hear from you and learn what you are seeing and thinking about franchises.